RBI Reverses Notification For Deposits Exceeds Rs 5000

Reserve Bank of India earlier announced that people can deposit their money with proper explanation if it exceeds Rs 5000. They cannot deposit more than Rs. 5000 without proper explanation before the bank officials. There will not be any queries for KYC accounts or Know Your Customer accounts connected with Aadhar.

Due to heavy backlash the RBI reversed its announcement and given fresh notifications. Now the people can deposit more than Rs.5000 without any queries until December 30th. It is 60th notifications from RBI after government announced demonetization. Congress calls RBI as Reverse Bank of India. PM Modi's was praised for the brave action but being criticized for its execution that lead people to remain in long queue for their own money.

Here are some of the backlash tweets.

Last 43 days have seriously undermined whatever credibility the RBI had built up over decades. Now laughing stock -- Reverse Bank of India.